FED:Big mining profits highlight need for MRRT

AAP General News (Australia)
02-17-2011
FED:Big mining profits highlight need for MRRT

CANBERRA, Feb 17 AAP - The large profits generated by big mining companies demonstrate
the need for the minerals resource rent tax (MRRT), Treasurer Wayne Swan says.

BHP Billiton announced $10.5 billion profits for the final six months of last year,
a 71.5 per cent increase on the previous year.

Other mining giants, Rio Tinto and Xstrata, have also reported massive jumps in their
profits in recent weeks.

Mr Swan said Australians deserve a fair share of the resources they own 100 per cent
which can only be dug up once.

"We have had a ramshackle system of royalties that has not delivered fair value to
the Australian people," Mr swan told ABC Television on Thursday.

"We are now going through a period where commodity prices are going to be much higher
than they have been historically, that's why we have argued the case for a resource rent
tax."

He said legislation for the MRRT will be introduced into parliament later this year.

AAP cb/it

KEYWORD: MRRT

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